Paytm dominates India’s digital-payments market, with some 350 million users as of late last year
Citigroup Inc. is partnering with Indian mobile-payments startup Paytm to issue the service’s first physical credit card.
. The Citi deal is the latest example of upstart financial players and technology firms partnering with banks to move into more traditional card payments—an indication both of the upstarts’ expanding clout and also of their need to find ways to generate revenue beyond often free digital transfers.
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